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Opportunity to buy house
littlec1972
Posts: 3 Newbie
I have been renting my home for 6 years now at £700 a month, my landlord has told me he wants to sell the house soon and has offered me a chance to buy at £50,000 below valuation. The house is valued at approx £210,000 .How would the banks look on this if I approached them for a mortgage,what deposit would they require and would there be any point in enquiring as I only earn £18k pa?
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Comments
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You might get a mortgage for 72000 [4 * income]. So doable if you have 90000 squirrelled away. But if you had that much, I suppose you would not be renting.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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Regardless of whether the 'gifted' deposit would be considered by the lender, if you have no cash deposit on top you won't be able to borrow anywhere near enough. £700pm must be a struggle on your salary - a mortgage would be more.0
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